Over the past year, consumer prices in Russia rose by 8.1%, down from 8.8% in July, according to new data released on September 15, 2025. The seasonally adjusted monthly price growth in annualized terms was 4.1% for August, compared to 8.4% in July.
The slowdown in inflation for August is attributed largely to temporary and volatile factors, according to the Bank of Russia. Measures of underlying inflation stayed within a range of 4.0–6.0%.
Despite this recent decline, annual inflation remains well above the central bank’s target level. “The Bank of Russia’s monetary policy is aimed at bringing inflation back to 4.0% in 2026 and maintaining it close to this level further on,” stated the Bank of Russia.
Further analysis can be found in the latest issue of the Bank of Russia’s information and analytical commentary on inflation.
